LendingTree Weekly Mortgage Rate Pulse Reports Slight Increase in Rates
CHARLOTTE, NC (July 6, 2011) – Average mortgage rates rose slightly this week according to the LendingTree Weekly Mortgage Rate Pulse, which tracks the lowest and average mortgage rates offered by lenders on the LendingTree network.
On July 5, average home loan rates offered by LendingTree network lenders were 4.83% (5.03% APR) for 30-year fixed mortgages, 4.01% (4.32% APR) for 15-year fixed mortgages and 3.59% (3.69% APR) for 5/1 adjustable rate mortgages (ARM). Rates for all loan types rose slightly week-over-week.
On the same day, the lowest mortgage rates offered by lenders on the LendingTree network were 4.25 percent (4.39% APR) for a 30-year fixed mortgage, 3.375 percent (3.61% APR) for a 15-year fixed mortgage and 2.75 percent (3.04% APR) for a 5/1 ARM.
“Borrowers in the market for a new loan often worry over whether or not they can qualify,” said Cameron Findlay, LendingTree chief economist. “Very soon, two important proposed rules, namely the ‘Qualified Mortgage’ definition (July 22nd comment deadline) and the ‘Qualified Residential Mortgage’ definition (August 1 comment deadline), will shape qualification and who is eligible for the best mortgage rates. These rules have the potential to cause rates for certain borrowers to increase between .95% and 1.2% and thus threaten the health of the market as a whole.”
Below is a snapshot of the lowest mortgage rates for a 30-year fixed loan offered by lenders on the LendingTree network, as well as average loan-to-value ratios and negative equity by state.
STATE-BY-STATE MORTGAGE DATA 7/6/11 *Updated Quarterly | |||
STATE | LOWEST MORTGAGE RATE | LOAN-TO-VALUE RATIO* | NEGATIVE EQUITY* |
US Average | 4.25% (4.39% APR) Ô | 70.2% | 35.0% |
Alabama | 4.25% (4.39% APR) – | 67.0% | 28.9% |
Alaska | 4.75% (4.95% APR) – | 66.3% | 17.3% |
Arizona | 4.25% (4.37% APR) Ô | 94.6% | 39.4% |
Arkansas | 4.25% (4.37% APR) Ô | 72.6% | 43.9% |
California | 4.25% (4.38% APR) Ô | 70.6% | 34.8% |
Colorado | 4.25% (4.42% APR) Ô | 71.9% | 22.2% |
Connecticut | 4.25% (4.36% APR) – | 59.5% | 43.3% |
Delaware | 4.25% (4.36% APR) – | 67.6% | 50.3% |
District of Columbia | 4.25% (4.48% APR) – | 58.3% | 25.5% |
Florida | 4.25% (4.39% APR) ↑ | 90.8% | 41.1% |
Georgia | 4.25% (4.39% APR) Ô | 80.9% | 25.8% |
Hawaii | 4.38% (4.50% APR) – | 54.2% | 25.4% |
Idaho | 4.25% (4.39% APR) Ô | 73.4% | 29.8% |
Illinois | 4.25% (4.37% APR) Ô | 72.4% | 31.7% |
Indiana | 4.25% (4.38% APR) Ô | 69.4% | 28.5% |
Iowa | 4.63% (4.82% APR) – | 66.7% | 42.9% |
Kansas | 4.63% (4.82% APR) – | 70.5% | 31.8% |
Kentucky | 4.25% (4.39% APR) – | 67.6% | 53.1% |
Louisiana | 4.63% (4.82% APR) – | 78.5% | 75.5% |
Maine | 4.25% (4.37% APR) Ô | 58.6% | 30.1% |
Maryland | 4.25% (4.39% APR) Ô | 70.4% | 25.6% |
Massachusetts | 4.25% (4.37% APR) Ô | 60.7% | 46.0% |
Michigan | 4.38% (4.52% APR) ↑ | 84.3% | 32.2% |
Minnesota | 4.25% (4.36% APR) – | 65.6% | 22.2% |
Mississippi | 4.63% (4.82% APR) – | 78.4% | 30.1% |
Missouri | 4.25% (4.39% APR) Ô | 71.6% | 31.0% |
Montana | 4.75% (4.95% APR) – | 60.2% | 33.4% |
Nebraska | 4.63% (4.82% APR) – | 72.3% | 46.5% |
Nevada | 4.75% (4.95% APR) – | 118.0% | 55.3% |
New Hampshire | 4.38% (4.49% APR) – | 69.8% | 25.2% |
New Jersey | 4.25% (4.36% APR) – | 62.2% | 29.0% |
New Mexico | 4.25% (4.40% APR) Ô | 66.4% | 45.8% |
New York | 4.25% (4.36% APR) Ô | 50.1% | 42.1% |
North Carolina | 4.25% (4.39% APR) Ô | 71.2% | 33.2% |
North Dakota | 4.63% (4.82% APR) – | 60.1% | 37.7% |
Ohio | 4.38% (4.50% APR) – | 75.4% | 27.0% |
Oklahoma | 4.25% (4.37% APR) Ô | 71.0% | 52.4% |
Oregon | 4.25% (4.41% APR) Ô | 69.6% | 19.6% |
Pennsylvania | 4.25% (4.37% APR) ↑ | 62.5% | 75.7% |
Rhode Island | 4.63% (4.82% APR) – | 62.6% | 36.6% |
South Carolina | 4.25% (4.39% APR) Ô | 71.0% | 29.0% |
South Dakota | 4.25% (4.37% APR) – | N/A | |